WINTHROP OPPORTUNITY FUNDS--NOTES TO FINANCIAL STATEMENTS April 30, 1996
The Fund's may enter into forward exchange currency contracts in order to hedge exposure to changes in foreign
currency exchange rates on their foreign portfolio holdings. A forward exchange currency contract is a
commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss
arising from the difference between the original contracts and the closing of such contracts is included in net
realized gain or loss from foreign currency transactions.
Fluctuations in the value of forward exchange currency contracts are recorded for financial reporting purposes as
net change in unrealized appreciation (depreciation) of foreign currency denominated assets and liabilities.
Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from
unanticipated movements in the value of a foreign currency relative to the US. dollar. The contract amount in the
following table reflects the exposure the International Equity Fund had in that particular currency contract.
At April 30, 1996, the cost of investments for federal income tax purposes was the same as the cost for financial
reporting purposes. At April 30, 1996, the components of net unrealized appreciation of investments were as
NOTE (D) SHARES OF BENEFICIAL INTEREST: There is an unlimited number of shares
of beneficial interest authorized, divided into two classes, designated Class A and Class B Shares. Transactions in
shares of beneficial interest were as follows:
* Commencement of operations was September 8, 1995.
EQUITY FUND MARKETS FUND
Gross appreciation (investments having an excess of value